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- Last registration done in same flat on Jan 2016 for 6700sqft.for details can check encumbrance certificate for latest resale prices.thksCommentQuote0Flag
- Price of resale apartments in Chennai is between Rs.5,000 - Rs.12,000 per sq.ft depending upon the locality , age , quality of the construction of the apartment .CommentQuote0Flag
Great article by economist. Must for every home buyer....
- The real estate market in Chennai is expected to see a drop in new launches in the near future, followed by a price hike, as piled up inventory would be consumed by the time and there would be more demand than supply, say industry experts.
New launches have dropped by 62 per cent in 2015, over the previous year, indicating that developers have been cautious about investing in new projects and have kept a check on piling inventory, said the latest Chennai residential real estate market commentary by real estate consultant firm JLL India.
Absorption rate increased to 31.3 per cent in 2015 from about 26.6 per cent in 2014, and while there was a decrease in launches this year, the number of sale deeds showed a rise. This resulted in clearing a lot of unsold inventory that had piled up, facilitating an upward correction in the market, the report added.
According to JLL data, new units launched in 2015 stood at 8,601, while 20,484 units were sold, which was one per cent lower than the previous year sales. Unsold units in 2015 were 45,017, down 21 per cent over the previous year.
"The new files submitted for approval with the regulatory authority have come down almost 40 per cent during the year. With the demand absorbing the available inventory and new projects expected to take some time to hit the market after getting the regulatory approvals, we are seeing a price appreciation in real estate," said T Chitty Babu, chairman & CEO of Akshaya Homes and chairman, best practices, Credai National. He was commenting on a panel discussion organised by industry organisation Confederation of Real Estate Developers' Association of India (Credai), Tamil Nadu, in collaboration with JLL, on the Chennai market.
Concurring with the view, Sandeep Mehta, Jain Housing & Construction Ltd said that the industry is currently offering various discounts, but they would not last for long. For the customers looking to buy a house, this could be the right time considering that prices are set to increase.
The market started seeing a revival in the second half of January, said R Kumar, deputy general manager, real estate and housing business unit, State Bank of India. He added that after the collapse of a residential building under construction in Maulivakkam last year, customers have started looking for better, albeit more expensive properties, he added.
The Chennai real estate market started reviving after the December floods that affected the industry for a short period, he added. While there were negative sentiments following the floods initially, people have started moving forward now, he said.
Sanjay Chugh, national head-mandated sales & business head-Chennai, residential services said that the Chennai real estate market has seen more customer enquiries and walk-ins during the second half of January and February. This is expected to convert into actual business, which would be a positive development in the market, he added. He said that owing to the demand supply situation and its movement, real estate prices are expected to see an increase.
However, the overall cost of owning real estate has to come down, including the cost related to the land and receiving the necessary regulatory approvals for it to see better growth, said Ajit Kumar Chordia, president of Credai Chennai.CommentQuote0Flag
- Originally Posted by mka100Why 50% discount for completed homes ? Are there no takers for their projects ?
Amarprakash frequently advertise such discounts, but actually their flat price remains the same even after their DISCOUNT.
They quote Rs 3000/sqft during normal time and during 50% discount time price tag shows Rs 6000/sqft.CommentQuote3Flag
- With the up coming offers and discounts, do the builders and their untrained ground sales staff think the buyers as idiots !!!
Because of greed the industry is now suffering to breath, still have learning it seems someone who is capable of buying a product of such price will be definitely intelligent enough to identify such immature sales pitch and it will waste lot of time.CommentQuote0Flag
- Where can we find the unsold inventory and the recent registrations of property, mainly land?CommentQuote0Flag
- 1. Unsold inventory - you can read the reports from market analyst like Knight frank, Cushman & Wakefield, etc.
2. Recent registration , you can file an RTI under RTI Act 2005 to the respective registrar office and get the records copy as in the registrar office
Note : The registration value provided may not be 100% reliable as the cash transaction carried as hidden trade from government eyes will not be available with Registrar office records, so this Delta part should be covered by either adding an assumption of 20% -25% + the value received in RTI response or reliable word of mouth information discounting Agents and indirect beneficiaries in real estate trade.
- Will the destruction caused by VARDAH Cyclone to Chennai City have an impact on the RE Prices or RE Projects ? Many Posh areas have most of their trees fallen down and many transformers have either been badly damaged or fallen down and it will take a long time for proper Power supply to set in .Right now only temporary power is being given which is a big relief . Seems Chennai is being hit by a "December Curse "CommentQuote0Flag
If you think demonetisation will make property cheaper, you could be wrong. Here's why
Read more at:
- Originally Posted by Cholan
If you think demonetisation will make property cheaper, you could be wrong. Here's why
Read more at:
Article was written on Dec 26 2016 and by, guess who, SmartOwner founder, whose bread and butter comes from structuring Real Estate deals.
If you ask a barber, can I delay my haircut ? Barber will point to uptrend in haircut prices and will want you to have it today :).
Article does have a point which no one can deny: Those transactions that are 'white only' will be unaffected. Smartowner is based in Bangalore and deals predominantly in Blore. Everyone who has seen RE and darker side knows how much 'cash' rolls in there. There is RE outside Blore which was not the focus of the article.
Demonetisation impact is nothing compared to what Budget had in store for RE and was in the attack line of 'White only' transactions taking advantage of tax sops. This undermines the real investment case for RE. Former can thrive even in higher prices as it is a leveraged bet and as long as the gravy train chugging, investor will get his returns. Not any more.
Honestly, how many would buy RE for investment, if there is no loan? What is the true demand for such cases? Answer to this will show you the demand trends for RE.CommentQuote3Flag
- How is Tata Homes New Haven in Mambakkam? Is 65 Lakh very good price for 1152 sq.ft.?CommentQuote0Flag
- What will be the resale price of 2 bhk apartment in adambakkam? The locality is nearby G.K Shetty and DAV schools??CommentQuote0Flag
- About 60 lacs for a 1000sft,10year old flat.CommentQuote0Flag
Realty sentiment hits 3-year low in December quarter on note ban: Report
Hit by demonetisation, total housing sales of the top eight cities fell by 40% in the fourth quarter of 2016 as against the previous three-month period.NEW DELHI: The real estate sentiment fell to a three-year low in the October-December period, indicating pessimism among developers and financial institutions which reeled under the demonetisation pressure, says a report.
However, property consultant Knight Frank India and industry body FICCI said in a joint report that developers, banks and private equity investors are optimistic that market situation would improve in the next six months.
"The demonetisation of high value currency notes of Rs 1,000 and Rs 500 was the most sweeping change in recent history, which was a rude awakening for the Indian economy with the real estate sector being at the receiving end of this move," the Knight Frank-FICCI joint report said.
Hit by demonetisation, total housing sales of the top eight cities fell by 40 per cent in the fourth quarter of 2016 as against the previous three-month period.
"Consequent to the major disruption during Q4 2016, the current sentiment score has seen a drastic fall to below the threshold mark of 50 to become the worst quarter in the last three years. This implies that stakeholders' sentiments pertaining to Q4 2016 is pessimistic," the report said.
The real estate sentiment index, based on a quarterly survey of key supply-side stakeholders, including developers, private equity funds, banks and non-bank financial companies (NBFCs), fell to 41 from 58 in the previous quarter.
"The respondents are of the opinion that the situation during the last quarter of 2016 was significantly worse compared to six months prior, reflecting the short-term adverse impact of demonetisation on the Indian real estate," the report said.
However, the respondents welcomed the government's steps to bring transparency into the sector through demonetisation move and the new real estate law as well as the Union Budget's focus on making home purchases affordable.
"The future sentiment score of 62 is a good indicator of the robust optimism portended by the stakeholders for the real estate sector in the coming six months."
"The demonetisation move did infuse a high degree of uncertainty and confusion in the market but this impact seems to be transient in nature and the mid-to-long term impact is expected to be positive," the report said.
Although the residential sector is going through a difficult phase, the stakeholders are quite optimistic for the future, especially with regards to sales volume.
"59 per cent of the stakeholders believe that residential sales will improve in the coming six months, as against only 12 per cent that believe to the contrary," the report said.
"45 per cent of the respondents expect prices to remain stagnant while 26 per cent expect a downward pressure on price appreciation, during the same period," it added.